"Abu Dhabi Development" A global partner in leading the transition towards clean energy

ABU DHABI, 13 JANUARY / WAM / His Excellency Mohammed Saif Al Suwaidi, Director General of the Abu Dhabi Fund for Development, participates in the activities of the 15th session of the General Assembly of the International Renewable Energy Agency (IRENA), which was held in Abu Dhabi on 12 and 13 January.

The event is a global platform that brought together leaders and decision-makers in the clean energy sector from various countries around the world, with the aim of evaluating progress and results achieved and developing innovative strategies to accelerate the transition towards renewable energy globally.

In his speech during a panel discussion entitled, “Accelerating the Transition to Clean Energy,” His Excellency Mohammed Saif Al Suwaidi affirmed the Abu Dhabi Fund for Development’s commitment to supporting the spread of renewable energy projects on a global level, praising the achievements achieved by the Fund during its strategic partnership with IRENA.

He said that this distinguished partnership enabled the Fund to support renewable energy projects, especially in countries that face major challenges, including limited access to energy and the negative impacts resulting from climate change. Together, we were able to find innovative means that contribute to accelerating the spread of renewable energy projects and support the achievement of a positive impact. In the sustainable development goals, improving the quality of life of millions of individuals around the world.

His Excellency reviewed the success of the initiative launched by the Abu Dhabi Fund for Development in cooperation with its strategic partner in the International Renewable Energy Agency (IRENA) in 2013, which deals with renewable energy projects, as a budget worth 350 million US dollars was allocated to support the goals of the initiative, and from 2013 to 2020, Over the course of seven funding cycles, the initiative achieved pioneering results represented by the implementation of 26 qualitative projects in the fields of renewable energy, covering various regions in Asia, Africa and Latin America, which Bringing significant benefits to small island developing States, these projects have provided clean energy to more than 4 million people, created new job opportunities, and enhanced social and economic stability.

His Excellency also highlighted the pioneering role of the Abu Dhabi Fund for Development in supporting the “Global Platform to Accelerate the Transition to Renewable Energy (ETAF), which was launched in partnership with IRENA in 2021, by allocating US$400 million to finance solar, wind, and hydroelectric projects in Many countries, which enabled the platform to attract approximately 14 partners to join the platform with a total of pledges of approximately 4.2 billion US dollars by the year 2030.

He added that the shift towards the use of renewable energy represents the focus of the Fund’s development efforts, and reflects the country’s commitment to sustainability and global climate action, especially with the UAE hosting the Conference of the Parties (COP28) in December 2023.

He pointed out that providing financing on concessional terms enables developing countries to implement clean energy projects, which in turn contribute in the long term to enhancing energy security, creating numerous job opportunities, improving the quality of life of communities, and accessing basic services, such as health care and education, in addition to Reducing carbon emissions.

At its meeting, the General Assembly of the International Renewable Energy Agency affirmed the UAE’s leadership in promoting renewable energy and sustainable development, and the fifteenth session highlighted the urgent need for international cooperation in order to overcome challenges and expand the use of renewable energy, to ensure progress towards achieving the common goal of doubling renewable energy capacity. By 2030.

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